What Does Commercial Insurance Cover?

Commercial insurance is required for the vast majority of businesses, but not every business owner knows what it covers. If you have an enterprise in Escanaba, MI that you would like to protect, keep the following facts in mind from Luft Insurance Agency. 

The Long and Short of It 

While every policy is different, business insurance typically covers the following events:

  • Theft or vandalism: If someone steals your inventory or ruins your building, you can usually file a claim with your insurance to cover the costs of the loss or damages. 
  • Natural disasters: If a significant storm breaks your windows, and water begins rushing into your space, business insurance is available to replace the inventory and fix the structure. 
  • General liability: If someone slips and falls on your walkway because you didn’t salt the ice, your insurance will likely cover some or all of the associated costs. 

Understanding Your Policy 

Every insurance policy will come with its own terms and conditions for business owners in Escanaba, MI. For example, some may cover certain events only up to a certain amount. If a liability claim reaches past that amount, then the business owner is responsible for any additional costs after that. This can ultimately bankrupt a business if they’re exposed to a complicated lawsuit or they sustain extreme property damage. Other insurance companies may interpret certain events differently than the business owner, leading to disputes over what should be covered and why. 

If you want to understand your business insurance policy better or if you’re worried you may not have enough coverage for specific events (e.g., a cyberattack, flooding, etc.), you can call Luft Insurance Agency today. Our staff can go over different scenarios, so you have the answers. Your business is too important to leave anything to chance.